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Virginia, with a GDP of $712.9 billion, ranked as the 13th largest state in terms of GDP among the 50 states of the United States. Virginia's economy is larger than countries such as Belgium, Sweden, Ireland, and Norway. Virginia is also among the wealthiest states in the US, boasting a GDP per capita of $81,794, which ranks 19th as of 2023.
Though agriculture has declined significantly since 1960, when there were twice as many farms, it remains the largest industry in Virginia, providing for over 490,000 jobs. [271] Soybeans were the most profitable single crop in Virginia in 2022, [ 272 ] although the ongoing trade war with China has led many Virginia farmers to plant cotton ...
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The United States is the world's largest producer of petroleum and natural gas. [60] In 2016, it was the world's largest trading country [61] and second largest manufacturer, with American manufacturing making up a fifth of the global total. [62] The U.S. not only has the largest internal market for goods, but also dominates the services trade.
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After the military, the 2nd largest and most important industry for Hampton Roads and Norfolk based on economic impact are the region's cargo ports. Headquartered in Norfolk, the Virginia Port Authority (VPA) is a Commonwealth of Virginia owned-entity that, in turn, owns and operates three major port facilities in Hampton Roads for break-bulk ...
Sector Establishments Sales, receipts, or shipments ($1,000) Annual payroll ($1,000) Paid employees Mining: 24,087 182,911,093 21,173,895 477,840 Utilities
The technology and information on how to build a textile industry were largely provided by Samuel Slater (1768–1835) who emigrated to New England in 1789. He had studied and worked in British textile mills for a number of years and immigrated to the United States, despite restrictions against it, to try his luck with U.S. manufacturers who ...